During an appearance on CNBC's "Squawk Box," Lee offered a bold prediction for Bitcoin's future value. He estimated that Bitcoin could reach $100,000 within the next year and possibly climb to $150,000. Looking further ahead, Lee suggested that within five years, Bitcoin’s price could soar to as much as $500,000. He attributes these potential increases to Bitcoin's fixed supply and the anticipated growth in demand, especially following the expected approval of a Bitcoin spot ETF.
As the director of research at FS Insight, Lee, in an October interview, had previously discussed the potential demand surge for Bitcoin. He speculated that if a Bitcoin spot ETF were approved, the demand could skyrocket to around $100 million per day. This forecast ties into the upcoming Bitcoin halving event expected in April, which could further limit Bitcoin’s daily supply to approximately 12 million.
When Squawk Box co-host Andrew Ross Sorkin inquired about the likelihood of traditional Bitcoin buyers, who typically use exchanges like Coinbase, continuing their purchasing habits post the approval of a Bitcoin spot ETF, Lee offered some insights. He noted that younger investors often prefer direct ownership, wanting control over their private
keys. This demographic is likely to maintain their current buying methods to retain personal custody of their Bitcoin.
Lee also addressed the purchasing behaviors of older investors, predicting a different approach from them. He explained that this demographic often favors investments through more traditional means like 401(k)s, public markets, or liquid assets. Considering that individuals over 50 hold about 76% of all wealth in the U.S., amounting to over $120 trillion, Lee believes that they are more likely to acquire Bitcoin through public markets and agents.
Adding to the discussion, Robert Kiyosaki, the renowned author of "Rich Dad Poor Dad," recently expressed his enthusiasm regarding the anticipated approval of a Bitcoin spot ETF. Kiyosaki's optimism aligns with Lee's predictions, echoing the sentiment that Bitcoin's value could escalate to $150,000 in the near future. This shared optimism underscores a growing belief among financial experts and investors in Bitcoin's potential for substantial growth, driven by structural changes in the market and broader acceptance of cryptocurrency in mainstream investment portfolios.
